Tax School Home Page
Student Instructions: Follow the following 5 steps:
Instructions -
You must do all of the following (steps 1 - 5)
(We must receive from you both an assignment and a quiz for each Tax Subject)
Print the checklist:
Read the reading material and answer the questions on this page.
Submit the answers to the Assignment online (the questions on this page). Scroll down for all questions on this page. When you are ready to submit click on the Assignment link. Make sure you either write your answers or print the page before you click on the assignment link.
Important: If you fail a topic you can try again until you pass. However, you cannot try again until 24 hours later. Every time you try the questions will be different. You will be disqualified from completing this segment if you do not allow the proper 24 hours in between tries. If you are disqualified, you will be notified through email of the substitute topic to complete.
Please use the following for this assignment.
You need IRS Tax Changes 2014 (html), Form 1040EZ, Form 1040, Schedule A (Form 1040), Schedule 8812, General Sales Tax Tables (and Form 1040 Instructions and Form 1040EZ instructions as reference for tax look up and certain worksheets) to complete this topic.
Tax Return filing situation 1:
Use the following W-2's and information to prepare a tax return for Sammy Kubrick. His date of birth is March 8, 1996. His parents can claim Sammy as a dependent because they provided for his support and school expenses. However, Sammy asked them if they will claim him and they said that they will not claim him because they don't need the extra exemption.
Tax Return filing situation 2:
Peter Welles (Date of birth 9/06/1946) and Jennifer Welles (Date of birth 2/10/1960) are married. Their three children: Clara Welles (DOB 12/11/2009, SSN 611-09-0223), Lucinda Welles (DOB 5/24/2010, SSN 611-09-0921), Susan Welles (DOB 5/15/2011, SSN 612-01-0362) lived with them all year and qualify as their dependents.
Peter and Jennifer want to contribute the maximum to an IRA so that they pay less taxes in 2013.
Peter had medical total medical expenses that were not covered by insurance of $25,000.
Jennifer had to use her car for her job and had unreimbursed mileage expense. Her total miles driven for the year were 15,000 of which 3,500 were totally for work.
DMV taxes paid $260,
Mortgage interest paid: $8,055
Mortgage taxes paid: $934
Contributions to Church: $6,234
Use the following information to file a tax return for Peter and Jennifer. The address and personal information is current and correct on the W-2's. Please prepare their tax return to their best advantage.
After you have completed the above tax returns, answer the following questions as accurate as possible:
1. Look at the Form 1040EZ that you prepared for Sammy. What is the amount on Line 1?
A. $18,200 B. $7,000 C. $84,560 D. None of the above
2. Look at the Form 1040EZ that you prepared for Sammy. What is the amount on Line 4?
A. $7,000 B. $2,300 C. $1,200 D. None of the above
3. Look at the Form 1040EZ that you prepared for Sammy. What is the amount on Line 5?
A. $785 B. $1,570 C. $6,100 D. None of the above
4. Look at the Form 1040EZ that you prepared for Sammy. What is the amount on Line 6?
A. $900 B. $18,403 C. $3,373 D. None of the above
5. Look at the Form 1040EZ that you prepared for Sammy. What is the amount on Line 7?
A. $4,293 B. $1,026 C. $2,500 D. $2,570
6. Look at the Form 1040EZ that you prepared for Sammy. What is the amount on Line 9?
A. $7,100 B. $7,300 C. $1,026 D. $6,100
7. Look at the Form 1040EZ that you prepared for Sammy. What is the amount on Line 10?
A. $37 B. $91 C. $250 D. None of the above
8. Look at the Form 1040EZ that you prepared for Sammy. What is the amount on Line 11a?
A. $231 B. $1,515 C. $931 D. $1,219
9. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 7?
A. $85,710 B. $2,400 C. $0 D. None of the above
10. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 22?
A. $81,664 B. $81,802 C. $85,710 D. None of the above
11. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 32?
A. $13,000 B. $5,500 C. $6,500 D. None of the above
12. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 36?
A. $1,200 B. $13,000 C. $2,300 D. None of the above
13. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 37?
A. $71,463 B. $77,732 C. $72,710 D. $71,200
14. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 40?
A. $36,323 B. $1,687 C. $3,373 D. $1,686.50
15. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 41?
A. $50,683 B. $36,387 C. $87,090 D. None of the above
16. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 42?
A. $17,300 B. $15,950 C. $19,500 D. $18,500
17. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 43?
A. $16,887 B. $17,400 C. $13,900 D. None of the above
18. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 44?
A. $1,541 B. $1,230 C. $1,688 D. $1,428
19. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 45?
A. $12,801 B. $15,588 C. $0 D. $8,061
20. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 46?
A. $1,400 B. $1,230 C. $1,032 D. $1,688
21. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 51?
A. $1,000 B. $1,427 C. $1,688 D. $3,000
22. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 54?
A. $1,688 B. $1,208.50 C. $1,926 D. $1,780
23. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 61?
A. $3,758 B. $2,145 C. $0 D. $1,850
24. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 62?
A. $12,700 B. $12,569 C. $14,888 D. $19,544
25. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 65?
A. $3,000 B. $1,000 C. $1,312 D. None of the above
26. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 72?
A. $13,877 B. $11,700 C. $3,800 D. $11,400
27. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 73?
A. $11,648 B. $13,877 C. $8,581 D. None of the above.
28. Look at the Form 1040 that you prepared for the Welles. What is the amount on Line 74a?
A. $11,100 B. $8,519 C. $0 D. $13,877
29. Look at the Schedule A (Form 1040) that you prepared for the Welles. What is the amount on Line 1?
A. $25,118 B. $25,000 C. $293 D. $25,959
30. Look at the Schedule A (Form 1040) that you prepared for the Welles. What is the amount on Line 3?
A. $7,271 B. $5,453 C. $8,571 D. $6,428
31. Look at the Schedule A (Form 1040) that you prepared for the Welles. What is the amount on Line 4?
A. $16,429 B. $18,572 C. $17,729 D. $19,547
32. Look at the Schedule A (Form 1040) that you prepared for the Welles. What is the amount on Line 9?
A. $1,981 B. $1,460 C. $209 D. $208.50
33. Look at the Schedule A (Form 1040) that you prepared for the Welles. What is the amount on Line 19?
A. $10,072 B. $6,234 C. $0 D. $10,073
34. Look at the Schedule A (Form 1040) that you prepared for the Welles. What is the amount on Line 27?
A. $246 B. $587 C. $506 D. $867
35. Look at the Schedule A (Form 1040) that you prepared for the Welles. What is the amount on Line 29?
A. $35,088 B. $36,323 C. $32,945 D. None of the above
Please Note: If you filled out the answers directly on this page, please print this page or write down the answers before you proceed to submit them by clicking on "Assignment" in step 3 above.
